Hammerson offloads stake in Value Retail, plans £140m buyback
By Frank Prenesti
Date: Monday 22 Jul 2024
(Sharecast News) - Shopping centre owner Hammerson said it had sold its interest in Value Retail to consumer-focused investment firm L Catterton for an enterprise value of £1.5bn and also announced a £140m share buyback along with a one-for-10 shar consolidation.
Hammerson, which held 42% of Value Retail, will receive net cash proceeds of £600m from the sale, of which £350m will be reinvested into core projects and £95m to reduce debt.
"This is a transformational deal for Hammerson, generating cash proceeds ... whilst removing an overweight, low yielding and minority stake, and positioning us for accelerated growth and value creation," said chief executive Rita-Rose Gagné.
"The disposal focuses our portfolio on prime urban real estate with a transformed capital structure and the capacity and capability to advance our strategy in higher yielding opportunities with stronger returns, whilst enhancing returns to shareholders."
Reporting by Frank Prenesti for Sharecast.com
Email this article to a friend
or share it with one of these popular networks:
You are here: news
10 Lower Thames St,
London EC3R 6EN